What is the difference between SSAE 18 and ISAE 3402?

SSAE 18 is relevant for the US market while ISAE 3402 is relevant for the rest of the world. The assessment report illustrates the positive effects of properly functioning and articulated control environment to an organization’s senior management and our clients.

Is ISAE 3402 the same as SOC 1?

Generally, a SOC 1 report and an ISAE 3402 report are the same. In practice these terms are used as synonyms. Formally, a SOC 1 report is attested by an US CPA and an ISAE 3402 report is attested by an international auditor who works in compliance with the IFAC requirements.

Is ISAE 3402 are SOC report?

ISAE 3402 is a SOC 1 engagement. SOC is an acronym coined by the American Institute of Certified Public Accountants (AICPA) for service organizations controls, and was re-coined in 2017 as system and organizational controls. AICPA has defined three types of SOC reports: SOC 1, SOC 2, and SOC 3.

Who does ISAE 3402 apply to?

ISAE 3402 was developed to provide an international assurance standard for allowing public accountants to issue a report for use by user organizations and their auditors (user auditors) on the controls at a service organization that are likely to impact or be a part of the user organization’s system of internal control …

What does ISAE 3402 stand for?

International Standard on Assurance Engagements
International Standard on Assurance Engagements (ISAE) No. 3402, Assurance Reports on Controls at a Service Organization, was issued in December 2009 by the International Auditing and Assurance Standards Board (IAASB), which is part of the International Federation of Accountants (IFAC).

Who needs ISAE 3402 report?

The ISAE 3402 is a control report developed for outsourcing activities that are related to the financial reporting of the client. ISAE 3402 is geared towards a client’s financial auditor’s needs.